Best for
Digital-first savers wanting a high everyday rate
EQ Bank Savings Plus Account: Consistently high everyday rate; functions as chequing and savings
Saving Money
High-Interest Savings Comparison
Compare rates, limits, insurance, and withdrawal rules.
Updated August 7, 2026
Primary-source checkedNo professional licence claimedUpdated August 7, 2026
MoneyMapCanada Editorial Team
Editorial research and source-check process
MoneyMapCanada publishes Canadian personal-finance calculators and educational guides using a source-first editorial process. Time-sensitive financial claims are checked against the responsible government agency, regulator, legislation, provider document, or official publication. The organizational byline does not claim a professional licence or academic credential.
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How this comparison works
Table rows are educational examples, not paid rankings or personalized recommendations. We do not assign an invented numeric score. Compare the full cost, eligibility rules, flexibility, support access, and current provider terms before choosing a financial product.
Comparison table
Provider examples, fees, rates, fit, pros and cons
Provider pricing and rates are intentionally not displayed as current because they can change between reviews. Verify the current fee, APR/rate, eligibility and offer terms directly with the provider before applying.
| Product / Example | Fee | APR / Rate | Best For | Pros | Cons |
|---|---|---|---|---|---|
EQ Bank Savings Plus Account Consistently high everyday rate; functions as chequing and savings | Verify current fee | Verify current rate | Digital-first savers wanting a high everyday rate | No fee; free e-transfers; debit card available; CDIC insured up to $100k | Online-only; no branch access; limited ATM network |
Wealthsimple Cash Account High rate plus hybrid chequing features; instant e-transfers | Verify current fee | Verify current rate | Existing Wealthsimple investors wanting to consolidate accounts | High rate; instant transfers; integrates with investing account | Best rates require Premium status; CDIC insured via network of partners |
Tangerine Savings Account Scotiabank backbone; welcome offer rate for new deposits | Verify current fee | Verify current rate | New depositors chasing welcome offers; Scotiabank customers | Welcome rate is competitive; CDIC insured; linked to chequing easily | Ongoing rate drops sharply after promo; manual rate-chasing required |
Oaken Financial GIC / HISA (Home Bank) Guaranteed rate for term; among highest GIC rates in Canada | Verify current fee | Verify current rate | Savers with funds they won't need for 1–5 years | Competitive guaranteed rate; CDIC insured; simple setup online | Funds locked until maturity; limited liquidity compared to HISA |
Best for
Existing Wealthsimple investors wanting to consolidate accounts
Wealthsimple Cash Account: High rate plus hybrid chequing features; instant e-transfers
Best for
New depositors chasing welcome offers; Scotiabank customers
Tangerine Savings Account: Scotiabank backbone; welcome offer rate for new deposits
Check current offers
Compare current saving money terms from Canadian providers
The table above uses planning examples. Actual fees, rates, and offers change — verify directly with providers before applying.
HISA rates — Ratehub
Current high-interest savings account rates from Canadian banks
EQ Bank savings account
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Wealthsimple chequing
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Sources used
Official references checked for this page
Updated August 7, 2026
Each claim on this page is traceable to one of the government authorities or regulators below. Rates, tax rules, eligibility requirements, and product terms can change — verify current details directly with the linked source before making any financial decision.
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